July 30, 2009 (FinancialWire) — Petro-Canada (TSX: PCA) reported second-quarter net earnings of $77 million or $0.16 per share, compared to $1.5 billion or $3.10 per share last year. The company posted operating earnings of $99 million, or $0.20/share, down from $1.15 billion or $2.38/share in the second quarter of 2008. Second-quarter production in 2009 averaged 374,000 boe/d net to Petro-Canada, down from 414,000 boe/d net in the same quarter of 2008. Further, as a result of the merger between Petro-Canada and Suncor, Petro-Canada will not be declaring further dividends. Dividends will now be granted and paid by the new amalgamated company, subject to the approval of its new Board of Directors. Petro-Canada shares were even at $42.71.

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